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When the Federal Reserve Act allowed it, National City Bank became the first U.S. Citibank would go on to acquire some of its largest gains in the 1920s due to debt payments from Haiti, according to later filings to the Senate Finance Committee. During the occupation, Citibank imposed a 30 million USD loan on the Haitian government, which was described by journalist George Padmore as transforming Haiti into an "American slave colony". Citibank then pressured the federal government to occupy Haiti, which it did in 1915. Morgan and George Fisher Baker, in the Panic of 1907.īetween 19, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d’Haïti, which was the sole commercial bank of Haiti and served as the Haitian government's treasury. In 1907, Stillman, then the bank's chairman, would intervene, along with J. National City at this time was the banker of Standard Oil, and the Chicago banking factions accused US Secretary of the Treasury Leslie Shaw of being too close with National City and other Wall Street operators. By 1906, 11 percent of the federal government's bank balances were held by National City.
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It would help finance the Panama Canal in 1904. By 1868, it was one of the largest banks in the United States, by 1893 it was the largest bank in New York, and the following year it was the largest within the United States. In 1865, the bank joined the national banking system of the United States under the National Bank Act and became The National City Bank of New York. The bank also has the distinguishable history of financing war bonds for the War of 1812, serving as a founding member of the financial clearinghouse in New York (1853), underwriting the Union during the American Civil War with $50 million in war bonds, opening the first foreign exchange department of any bank (1897), and receiving a $5 million deposit to be given to Spain for the US acquisition of the Philippines (1899). In 1831, City Bank was the site of one of America's first bank heists when two thieves made off with tens of thousands of dollars' worth of bank notes, and 398 gold doubloons. Later presidents of the bank included Gorham Worth (1843–1856), Moses Taylor himself (1856–1882), Taylor's son-in-law Patrick Pyne, and James Stillman (1891–1909). During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire. Moses Taylor assumed ownership and management of the bank in 1837. After Osgood's death in August 1813, William Few became President of the bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), Isaac Wright (1827–1832), and Thomas Bloodgood (1832–1843). The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. The City Bank of New York was founded on June 16, 1812.